Wakefield, MA Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2023-11-15

Cost Of Living In Wakefield, MA Summary

Cost of living in Wakefield research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Wakefield is expensive. An index value below 100 means the city is a relatively cheap place to live.

On a city-by-city basis in Massachusetts, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:

  • The cost of living index in Wakefield is 146, with 100 being the average.

  • The cost of living index in Wakefield is 1.5x higher than the national average.

  • Wakefield ranks as the #82 cheapest in Massachusetts out of 113.

  • Wakefield ranks as the #5,742 cheapest out of 6,412 in the US.

  • The median home value in Wakefield is $585,500.

  • The median income in Wakefield is $110,372.

Table Of Contents

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
146
Wakefield's Overall Cost Of Living
1.5x
Higher Than The National Average

What is the cost of living in Wakefield, MA?

According to the most recent data on the cost of living, Wakefield has an overall cost of living index of 146, which is 1.5x higher than the national index of 100.

Compared to Massachusetts, Wakefield has a cost of living index that's 1.0x higher than Massachusetts's index of 143.

The standard of living in Wakefield ranks as #82 most affordable out of the 113 places we measured in Massachusetts. By definition, that implies Wakefield ranks as the #31 most expensive place in the Bay State.

For more reading on life in Wakefield, check out:

82 out of 113
In Massachusetts
5,742 out of 6,412
In America

Wakefield Cost Of Living Vs. Massachusetts

Six factors go into calculating the cost of living index in Wakefield. Here is how it fairs on each of the criteria:

  • The Services index in Wakefield is 128.

  • The Groceries index in Wakefield is 113.

  • The Health index in Wakefield is 121.

  • The Housing index in Wakefield is 204.

  • The Transportation index in Wakefield is 111.

  • The Utilities index in Wakefield is 123.

Living Expense Wakefield Massachusetts National Average
Overall 146 143 100
Services 128 126 100
Groceries 113 108 100
Health 121 117 100
Housing 204 202 100
Transportation 111 114 100
Utilities 123 123 100
For more reading on cost of living around Massachusetts, check out:
Wakefield Cost of Living Vs. MA

Wakefield, MA Housing Cost Breakdown

Housing swings affordability the most between places in Massachusetts, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:

  • The Median Home Value in Wakefield is $585,500.

  • The Median Rent in Wakefield is $1,643.

  • The Median Income in Wakefield is $110,372.

  • The Home Value To Income in Wakefield is 5.3x.

  • The Rent To Monthly Income in Wakefield is 0.18x.

Statistic Wakefield Massachusetts United States
Median Home Value $585,500 $424,700 $244,900
Median Rent $1,643 $1,429 $1,163
Median Income $110,372 $89,026 $69,021
Home Value To Income 5.3x 4.8x 3.5x
Rent To Monthly Income 0.18x 0.19x 0.2x
Search Homes For Sale In Wakefield, MA
$585,500
Median Home Value
$1,643
Median Rent
$110,372
Median Income

Wakefield, MA Costs By Category

Detailed Wakefield Services Costs Vs. Massachusetts

Item Wakefield Massachusetts
Shampoo $1.0 $1.06
Movie $14.43 $10.68
Bowling $21.0 $14.67
Haircut $34.97 $18.62
Beauty Salon $64.17 $39.05

Detailed Wakefield Groceries Costs Vs. Massachusetts

Item Wakefield Massachusetts
Ground Beef $3.74 $4.22
Fried Chicken $1.64 $1.39
Milk $2.27 $2.05
Potatoes $4.02 $3.29
Pizza $11.16 $10.62
Beer $9.29 $9.38
Toothpaste $2.3 $2.34

Detailed Wakefield Health Costs Vs. Massachusetts

Item Wakefield Massachusetts
Optometrist $102.75 $108.57
Doctor $194.0 $116.17
Dentist $108.27 $99.13

Detailed Wakefield Transportation Costs Vs. Massachusetts

Item Wakefield Massachusetts
Gasoline $2.19 $2.22
Tire Balancing $64.47 $50.07

Detailed Wakefield Utilities Costs Vs. Massachusetts

Item Wakefield Massachusetts
All Electricity $233.87 $167.67
Phone $181.11 $175.64

Wakefield SnackAbility

6
/10
Overall SnackAbility
Jobs
9/10
Housing
9
Affordability
6
Diversity
5
Safety
8.5
Amenities
9
Education
8.5
Commute
4

Cost Of Living In Cities Around Wakefield

The cost of living varies in the cities and towns around Wakefield. Here's a quick look at the cost of living in the most populous nearby places:

  • Lynn, MA has a cost of living index of 126, 0.9x Wakefield.

  • Newton, MA has a cost of living index of 192, 1.3x Wakefield.

  • Malden, MA has a cost of living index of 137, 0.9x Wakefield.

City Population Cost Of Living Vs. Wakefield
Lynn, MA 100,233 126 0.9x
Newton, MA 88,647 192 1.3x
Malden, MA 65,602 137 0.9x
Brookline, MA 62,620 191 1.3x
Peabody, MA 54,200 137 0.9x
Woburn, MA 40,967 141 1.0x
Lexington, MA 34,235 190 1.3x
Needham, MA 31,808 180 1.2x
Melrose, MA 29,567 145 1.0x
Wellesley, MA 29,365 216 1.5x

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